Financial Restructuring Plan Clause Samples
Financial Restructuring Plan. Achieving financial sustainability of the sector is a key objective of GOA's power reforms. Prior to unbundling, ▇▇▇▇’s high-cost structure, e.g., sub- optimal billing and collection, significantly undermined its financial health. Chronic defaults on payments to most of its creditors and suppliers resulted in a large burden of accumulated debts. To restore the financial viability of the power sector, GOA initiated a financial restructuring plan (FRP) in 2003, focusing on debt restructuring and transitional financial support to enable the new companies to start with a clean slate. The FRP indicated that ASEB would require transitional support to meet a projected shortfall of Rs2.71 billion. The FRP involved a total restructuring adjustment of Rs45.6 billion, comprising a noncash settlement of Rs34.0 billion and Rs11.6 billion for liabilities involving cash settlement. Supported by the APSDP, GOA successfully completed the FRP in 2008.
Financial Restructuring Plan. 1. The Recipient shall: (a) no later than six months from the Effective Date, carry out an inventory of the Project Implementing Entity’s assets and liabilities, and prepare and submit to the Association for its review and approval the Financial Restructuring Plan; and (b) within twelve months from its review by the Association, adopt the Financial Restructuring Plan and take and, as the case may be, cause to be taken by the Project Implementing Entity or any other entity concerned by the Financial Restructuring Plan, all necessary governmental and corporate actions required for the implementation thereof, including the debts clearance mechanism.
Financial Restructuring Plan. The Company has prepared in good faith and delivered to ▇▇▇▇ Capital a restructuring and financial plan (the “Restructuring Plan”) for each quarter for the fiscal year ending December 31, 2014. The Restructuring Plan has been approved by the Company’s Board of Directors. The Restructuring Plan is the basis for the quarterly financial targets for the fiscal year ending December 31, 2014 referred to in Section 10(a)(xiv) of the Certificate of Designations and which quarterly financial targets for the fiscal year ending December 31, 2014 are memorialized in the side letter between the Company and ▇▇▇▇ Capital.